Wunacademy ‘Test Preparation > Banking > RBI Grade B Exam > Finance > Financial System > Regulators of Banks Regulators of Bank and Financial Institutions Part 2 LESSON 3 OF 11 Download the Unacademy Learning App to watch this and over 200k more lessons in UPSC, SSC CGL, GATE, Google Play | © CAT and many more categories.unacademy Lesson 2 Regulators of banks and financial institutes Seema Agrawalunacademy Central board structure official directors non-official directors -Governor -maximum 4 deputy governor Nominated by Government - 10Directors from various field - 2 Government officials Others: 4 Directors (one of each from four local bodies)unacademy Subsidiaries of RBI 1. Deposit Insurance and Credit Guarantee Corporation of India. (DICGC) 2. Bharatiya Reserve Bank Note Mudran Private Limited. (BRBNMPL)unacademy Important facts about RBI Reserve bank of India act passed in 1934. Reserve bank of India (RBI) established on 1 apri,1935. Reserve bank of — India established on recommendation of Hilton — young commission. RBI is the sole authority in India to issue bank notes in India. Emblem of RBI : Tiger and Palm tree. |unacademy Chintaman Dwarkanath Deshmukh (C D Deshmukh) was the governor of RBI at the time of nationalisation of RBI in 1949. 1st women deputy governor of RBI — K.J.Udeshi. RBI is not expected to perform function of accepting deposits from the general public. The first governor of reserve bank of India from 1-04-1935 to 30-06-1937 was sir Osborne smith. RBI decides the following rates namely: Bank rate Repo rate Reverse Repo rate Cash reserve ratio.unacademy Bank Rate : It is the rate of interest which a central bank charges on its Loan and Advances to a commercial bank. Repo Rate : Repo rate is the at which the central bank lends short term money to the bank against security. Reverse Repo Rate : The reverse repo rate is the rate at which banks can park surplus fund with the reserve bank. Cash reserve ratio : Cash reserve ratio is the amount of funds that the bank are bound to keep with reserve bank of India as a portion of their net demand and time liability (NDTL)unacademy Security and exchange Board of India : SEBI Act, 1992 security and exchange board of India (SEBI) was first established in the year 1988 as a non statutory body for regulating the security market. It became a autonomous body in 1992 and more powers were given through an ordinance. Since then it regulates the market through its independent powers.unacademy Insurance regulatory and development authority The Insurance Regulatory and Development Authority (IRDA) is a national agency of the Government of India and is based in Hyderabad (Andhra Pradesh). It was formed by an Act of Indian Parliament known as IRDA Act 1999, which was amended in 2002 to incorporate some emerging requirements.unacademy Mission of IRDA as stated in the act is "to protect the interests of the policyholders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto."unacademy Forward Market Commission India (FMC) Forward Markets Commission (FMC) headquartered at Mumbai, is a regulatory authority which is overseen by the Ministry of Consumer Affairs, Food and Public Distribution, Govt. of India. It is a statutory body set up in 1953 under the Forward Contracts (Regulation) Act, 1952 This Commission allows commodity trading in 22 exchanges in India, out of which three are national level.unacademy PFRDA Under the finance ministry Pension Fund Regulatory and Development Authority : PFRDA was established by Government of India on 23rd August, 2003. The Government has, through an executive order dated 10th October 2003, mandated PFRDA to act as a regulator for the pension sector. The mandate of PFRDA is development and regulation of pension sector in India.